Guggenheim Securities A Permian expectation reset leads to more attractive risk/reward proposition for the Midstream sector. The Alerian MLP Index (AMZ) has been down 5.4% so far in the third quarter and through earnings season, compared to crude oil up 9.4%, the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund (XOP) index down 4.7%, and the S&P 500 up 1%.